货币政策工具更加精准有力

Core Viewpoint - The People's Bank of China (PBOC) has implemented a series of monetary policy measures to support stable economic growth and financial market stability, with a commitment to continue a moderately accommodative monetary policy in 2026 [1][2]. Monetary Policy Measures - In 2026, the PBOC plans to lower the interest rates of various structural monetary policy tools by 0.25 percentage points to enhance support for key sectors [8][9]. - The PBOC will also increase the quotas for specific loans, including an additional 500 billion yuan for agricultural and small business loans and a 1 trillion yuan quota for private enterprises [9][10]. Financial Data Highlights - By the end of December 2025, the balance of RMB loans reached 271.91 trillion yuan, a year-on-year increase of 6.4% [2]. - The total social financing scale for 2025 was 35.6 trillion yuan, an increase of 3.34 trillion yuan compared to 2024, with a year-on-year growth of 8.3% [2]. - The broad money supply (M2) was 340.29 trillion yuan, growing by 8.5% year-on-year [2]. Loan Structure and Support - In 2025, loans to key areas such as technology, green initiatives, and digital sectors saw significant growth, with increases of 11.5%, 23%, and 14.6% respectively [3]. - Direct financing accounted for 46.9% of the total social financing increment, with net financing from government bonds reaching 13.84 trillion yuan [3][4]. Cost of Financing - The average interest rates for new corporate loans and personal housing loans were around 3.1% in December 2025, reflecting a decline of 2.5 and 2.6 percentage points since the second half of 2018 [4]. - The PBOC has made ten interest rate cuts since mid-2018 to lower overall financing costs [4]. Liquidity Management - In 2025, the PBOC conducted net liquidity injections totaling 6 trillion yuan through various open market operations, including a net purchase of 1.2 trillion yuan in government bonds [5][6]. - The PBOC's operations aim to ensure sufficient liquidity and stable short-term interest rates in the market [5][7]. Support for Private Enterprises - The PBOC announced a 1 trillion yuan re-loan specifically for private enterprises to enhance financial support for small and medium-sized private businesses [10][11]. - The focus on private enterprises reflects their critical role in innovation and employment, with ongoing efforts to improve financing conditions for these businesses [9][10].